Singapore Room Rates Surge As Big-Time Events Return
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Posted on: September 18, 2022, 03:00h.
Last updated on: September 18, 2022, 01:08h.
With Singapore welcoming back major investment conferences and Formula One, room prices in the city-state are soaring and that’s benefiting the two integrated resorts there.
Room rates at Marina Bay Sands (MBS) and Resorts World Sentosa are soaring — in some cases creeping to $2,000 a night and beyond — in advance of the return of F1 and the SuperReturn confab, among other marquee events.
SuperReturn runs from Sept. 19 through Sept. 23 at Marina Bay Sands, which is operated by Las Vegas Sands (NYSE:LVS).
The event brings together 800+ Asia-focused institutional investors, fund managers and service providers from across the globe to network, do business and discuss latest market developments,” according to Visit Singapore.
The conference was cancelled in 2020 due to the coronavirus pandemic, but as the case with their counterparts in the US, Asian companies and their employees want to get back to doing business in person and that includes conferences and meetings.
F1 Revs Up Singapore Room Rates
F1 returns to the city-state on Sunday, Oct. 2 and that even is definitely contributing to the higher guestroom costs at MBS, Resorts World Sentosa and non-gaming venues in Singapore.
The race is one of the premier annual sporting events in Singapore and pent-up demand could be on display in significant fashion this year following a two-year, pandemic-induced absence. Adding to the allure of the F1 contest, it’s a night race, which are popular among race fans. It won’t be the only event putting upward pressure on Singapore hotel prices.
“Away from the track, the entertainment lineup includes performances by Westlife and Green Day. Other big names coming to Singapore later this year include Justin Bieber, Maroon Five and Guns N’ Roses,” reported Bloomberg.
Proving the potency of the F1 race, the least expensive room for Sept. 30 arrival/Oct. 3 departure at Crockfords Tower, which is one of several hotels in the Resorts World Sentosa complex, is $2,874 per night, not include taxes and fees.
Singapore Rebounds as Rivals Lag
While not all the way back to 2019 tourism and convention levels, Singapore is well ahead of regional rivals, such as Hong Kong and Macau. The meeting and convention calendar remains light in Hong Kong while gross gaming revenue (GGR) in Macau is at rock-bottom levels.
Both special administrative regions (SARs) are being held back due to the Chinese Communist Party’s (CCP) punitive quarantine policies and travel restrictions that make visitation to the SARs unattractive to those living in mainland China and other countries.
Indicating it doesn’t want to repeat China’s mistakes, Singapore is taking a different approach and that’s to the benefit of the two gaming companies operating there. Today, MBS represents about half of the market value of Las Vegas Sands while takeover rumors recently swirled around Resorts World parent Genting Singapore. With the city-state rebounding, Genting isn’t likely to sell, according to analysts.
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